Investment Highlights:

- Golden Leaf International is an established E&M (Electrical and Mechanical) engineering contractor with almost 20 years of extensive industry experience, specializing in supply, installation and maintenance of HVAC systems which contributes to over 90% of the Group’s revenue.

- For each of the past two financial years, the Group completed over 1,000 projects at different scales. As at 31 July 2025, the Group had 187 projects on hand with backlog value of approximately HK$62.8 million. In addition, the Group has renewed a project for a term of three years commencing from September 2025 with a contract sum expected to be no less than HK$50 million.

- For the year ended 31 March 2025, the Group’s revenue increased by approximately 25.6% year-on-year to approximately HK$154.5 million, and the Group’s profit for the year increased by approximately 35.7% to approximately HK$14.1 million. For the year ended 31 March 2025, the Group’s gross profit margin and net profit margin were approximately 20.4% and 9.1%, respectively.

- The Group has established business relationships as a main contractor with a wide range of sizeable property managers, reinforcing its solid market position.

- The management team has extensive experience in the E&M engineering industry, with Executive Directors boasting over 20-30 years of industry experience.

- The Group has developed a cloud-based and customized system “GL ERP” to facilitate efficient project management.

- The Group has implemented strict operation systems complying with international standards and certified with ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety Management).

HONG KONG, Sep 30, 2025 - (ACN Newswire) – Golden Leaf International Group Limited ("Golden Leaf International" or the "Company", together with its subsidiaries, the “Group”), a well-established electrical and mechanical ("E&M") engineering contractor in Hong Kong, today announced its listing plan on GEM of Hong Kong Stock Exchange.

Before exercising the Offer Size Adjustment Option, the Company plans to offer 100,000,000 shares, with 90% allocated to the Placing and 10% to the Public Offer, at the Offer Price ranging from HK$0.45 to HK$0.65 per Offer Share, which is expected to raise a fund of approximately HK$45 million to HK$65 million.

The Public Offer is expected to commence on 30 September 2025 and close at 12:00 noon on 6 October 2025. The allocation results are expected to be announced on or before 9 October 2025. Trading of the Company's shares on GEM is expected to commence on 10 October 2025 under the stock code 8549, with a board lot size of 5,000 shares.

Alliance Capital Partners Limited is the Sole Sponsor for the listing. Alliance Capital Partners Limited and CMBC Securities Company Limited are the Joint Overall Coordinators. Alliance Capital Partners Limited, CMBC Securities Company Limited, China Industrial Securities International Capital Limited, First Shanghai Securities Limited, Patrons Securities Limited, Phillip Securities (Hong Kong) Limited, South China Securities Limited, SPDB International Capital Limited and uSmart Securities Limited are Joint Bookrunners and Joint Lead Managers.

Golden Leaf International is an established E&M engineering contractor in Hong Kong with almost 20 years of industry experience, specialising in HVAC systems works, which accounted for over 90% of the Group’s revenue. The Group also undertakes electrical systems works, and plumbing and drainage systems works.

For each of FY2023/24 and FY2024/25, the Group completed over 1,000 projects at different scales. For the year ended 31 March 2025, the Group’s revenue increased by approximately 25.6% to approximately HK$154.5 million, and profit for the year increased by approximately 35.7% to approximately HK$14.1 million, compared to the previous financial year. The gross profit margin and net profit margin were 20.4% and 9.1%, respectively, for FY2024/25. As at 31 July 2025, the Group had 187 projects on hand with a backlog value of approximately HK$62.8 million. In addition, the Group has renewed a project for a term of three years commencing from September 2025 with a contract sum expected to be no less than HK$50 million.

The Group has maintained many years of business relationships with sizable property managers in Hong Kong. Revenue from the top five customers accounted for approximately 64.5% and 68.1% of the Group’s total revenue for the years ended 31 March 2024 and 2025, respectively.

The Group’s project portfolio covers commercial properties across Hong Kong Island, Kowloon and the New Territories, including Olympian City in Tai Kok Tsui, China Hong Kong City in Tsim Sha Tsui, Citywalk in Tsuen Wan, Hang Lung Centre in Causeway Bay, Fashion Walk in Causeway Bay, Peak Galleria at the Peak, AIA Tower in North Point, Metro Harbour Plaza in Tai Kok Tsui, The Center in Central, Taikoo Place in Quarry Bay, AIRSIDE in Kai Tak and the Metropolis Tower in Hung Hom.

The Company’s management team is experienced and up-to-date with the development of the E&M engineering industry. Mr. Ip Kam Yik, the Chairman of the Board, Chief Executive Officer, Executive Director and one of the founders of the Company, has over 20 years of experience in the E&M engineering industry. Mr. Lui Kwok Kit, Executive Director and one of the founders of the Company, has over 30 years of experience in the E&M engineering industry with extensive on-the-ground experience.

The Group has developed a cloud-based "GL ERP" system to facilitate efficient project management, covering tender preparation and approval, project progress monitoring and financial management. Moreover, the Company has implemented strict operation systems complying with international standards and fully certified with ISO 9001:2015 (Quality Management), ISO 14001:2015 (Environmental Management) and ISO 45001:2018 (Occupational Health and Safety Management).

The market size for HVAC works in Hong Kong has shown robust growth, driven by urban renewal, sustainability initiatives, and technological advancements. The private sector has been the dominant driver of this growth, expected to grow at a CAGR of approximately 5.8% from 2025 to 2029 reaching approximately HK$8,318.3 million by 2029, reflecting steady demand for upgrades and smart HVAC technologies.

The Company intends to use the net proceeds from the Share Offer as follows: approximately 56.1% to finance up-front costs for new projects; approximately 32.6% for recruiting new staff and leasing an additional office; approximately 1.3% for upgrading the "GL ERP" system; and approximately 10% for general working capital purposes.

Media Enquiries:
Strategic Financial Relations (China) Limited
Ms. Anita CHEUNG Tel: (852) 2864 4827
Ms. Coco ZHANG Tel: (852) 2864 4830
Ms. Alison YIU Tel: (852) 2864 4897
Email: sprg-goldenleaf@sprg.com.hk

Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.